Hewlett-Packard Company (HPQ) to pay $57M to settle shareholder lawsuit

Hewlett-Packard Company (NYSE:HPQ) has made an agreement to pay $57 million to settle a lawsuit where the PC company was accused of allegedly defrauding shareholders. The lawsuit was filed after former CEO Leo Apotheker told investors in August 2011 that the company is planning to refocus the company on business services and products.

Apotheker also said that the company was going to shut down webOS, which was picked up after Palm Inc. was acquired in 2010. Apotheker oversaw the $11.1 billion acquisition of British software company Autonomy Plc. The HP TouchPad was shut down after spending about 7 weeks on the market.